The assessment of corporate social responsibility at Ukrainian banks

Environmental, social and governance criteria (ESG) are considered to be the main factors in measuring the sustainability and ethical impact of companies. This article focuses on comparing the ability of insurance companies to use an ESG-driven approach to managing their sustainable development. The study is conducted using comparative analysis, statistical analysis, and a case study method. The study compares six ESG Ratings on four main criteria (dependent variables, independent variables, scale type, sample), that allows choosing the most appropriate rating for the analysis of insurance companies. As a result, 156 insurance companies are compared by the level of ESG risk (low ESG risk – 24 companies, medium ESG risk – 111 companies, high ESG risk – 21 companies) and by geographical affiliation (26 countries) using descriptive statistics. The assessment of effectiveness of the ESG-driven approach to managing sustainable development of insurance companies is carried out on the example of 16 companies by comparing their non-financial reporting (the sample is selected based on of the annual report for 2019-2020). The study identifies the most common guidelines for report development, as well as components of the ESG-driven approach: environmental (waste and pollution, climate change, energy efficiency), social (workforce and diversity, customer engagement, communities), governance (code and values, reporting, risk management). The study systematizes the best practices of insurance companies for applying the ESG-driven approach to manage their sustainable development and highlights the need for insurance companies to improve their reporting and disclosure practices related to the development of the ESG-driven approach.

Acknowledgment
Comments from the Editor and anonymous referees have been gratefully acknowledged.

The relevance of the study is caused by the fact that the non-financial reporting of business entities and the intensification of process of globalization are becoming nowadays an important source of information for making managerial decisions by different groups of stakeholders. The process of its implementation, definition of types, forms and content remains legally unregulated for Ukraine. A process of its audit requires a systemic solution and an appropriate independent audit opinion.
The purpose of the article is to summarize the European and international experience in the field of regulation of drawing up and publication of non-financial reporting, to work out problems of its content definition and to provide proposals for the regulation of these issues in Ukraine, to define the recommended groups of indicators, and to ground the main directions and tasks of their audit.
It is proposed to create a general concept for the implementation and development of non-financial reporting in Ukraine, which may require the adoption of the future Law of Ukraine “On Public Non-Financial Reporting”, national standards for its preparation, and relevant methodological recommendations for their implementation. The directions of development of theoretical, organizational and methodical issues of audit of non-financial reporting are provided.
A number of valid normative acts of the Audit Chamber of Ukraine in terms of the regulation of audit of non-financial reporting and improvement of professional qualifications of specialists require clarification and accompaniments.

Integrated reporting (IR) is an important element in the development of corporate reporting in the European Union (EU). It turns out that stakeholders need not only financial but also non-financial information about the company. Due to changes in the environment, the role of CSR is growing. Enterprises undertake more and more pro-social and pro-environmental activities. European countries and organizations introduce regulations and recommendations that are to improve and standardize IR. The article aims to present IR within the EU and analyze the relationship between the number of reports prepared and the welfare of individual countries. Research methods used in the article are study by action, statistical technique, and critical analysis of literature. The development of IR in the EU is briefly described. It was also analyzed whether there is a correlation between the popularity of IR in a country and its wealth. A high correlation was found between the wealth of a given country and the number of integrated reports prepared. The wealthier the country, the more integrated reports are made there. There is a big difference in the popularity of IR between the EU countries which joined the EU before 2004 and those in the EU from 2004 or later. More than 200 integrated reports are prepared in the countries that joined the EU before 2004 than in the countries that joined the EU in 2004 or later. Although the popularity of IR is growing steadily, there are still a few EU countries where integrated reports are hardly ever present.